Fisheries Improvement Loans Regulations

The Fisheries Improvement Loans Regulations are made under the Fisheries Improvement Loans Act. These regulations provide guidelines for lenders to ensure that loans are made in accordance with the Act and its purposes.

The regulations define key terms such as "insured fishing vessel", "interest period", and "vehicle". They also outline the classes or kinds of fishing equipment that are prescribed for the purpose of the Act and these Regulations.

The regulations provide guidelines for different types of loans, including purchase or construction of a fishing vessel loan, purchase or construction of fishing equipment loan, major repair or major overhaul of a fishing vessel or its hull, superstructure or engine loan, purchase or construction of a shore installation or purchase, construction, repair, alteration or addition to building loan, and development or improvement of a primary fishing enterprise loan.

The regulations also outline the terms and conditions for repayment of loans, including the maximum rate of interest that can be charged. The regulations require lenders to take security for the repayment of loans and provide written promises from borrowers to repay the loans.

These Regulations apply to guaranteed loans authorized under the Act and are designed to ensure that lenders make loans in a responsible and sustainable manner, while also providing support for fishing enterprises.